Bonds

The private partner in a prominent Maryland public-private partnership dropped out Thursday, citing environmental delays, lawsuits, and disagreements with the state, in a move that leaves the fate of the country’s largest P3 in doubt. Australia-based toll road operator Transurban, the lead partner in a consortium known as Accelerate Maryland Partners, said it had submitted

Municipals were firmer to end the week, outperforming a U.S. Treasury rally after the employment report revealed more jobs than expected were added in February. Equities sold off. Triple-A benchmark yields were bumped five to 10 basis points, depending on the curve, while U.S. Treasury yields fell 20 to 31 basis points, pushing the five-,

President Biden’s proposed budget unveiled Thursday includes the lowering of the private activity bond threshold for Low Income Housing Tax Credits to 25% from 50% and muni lobbyists, though skeptical about the prospects of the budget passing as is, say they will work hard to include the provision in any final budget. “While the President’s

Municipals were firmer on the front end of the curve as more billion-dollar deals priced, while Treasuries rallied hard inside 10 years and equities sold off. The potential for a strong employment report, which would amp up belief of a 50-basis-point move by the Federal Open Market Committee later this month, and higher for longer

Fitch Ratings Thursday removed the formerly Disney-controlled Reedy Creek Improvement District, Florida, from rating watch negative and assigned a stable rating outlook to its successor entity. The rating agency was satisfied that legislation renaming the special district and putting it under control of Gov. Ron DeSantis’ appointees protects bondholders. It affirmed the newly named Central

States with general funds and reserves that are currently flush should take heed of what a natural disaster can do to municipal finances, as Washington, New Mexico, and California are all trying to keep their budgets intact after suffering from wildfires that have become more frequent and devasting.  On Wednesday, the U.S. Senate Budget Committee

State government finances will likely remain in decent shape this year despite signs revenues are weakening, according to rating agencies. Total state tax revenues declined 8% in nominal terms in December and 13.5% when -adjusted for inflation from a year earlier, the Urban Institute reported. In the July to December period, total state tax revenues

After a lackluster 2022, the pipeline for public-private partnership deals may fatten this year as federal infrastructure funds flow and the industry develops novel structures to manage risks from inflation and rising interest rates. That’s the top-line view from law firm Husch Blackwell, which Tuesday released its 2023 P3 trends report. Sectors poised for action

Voters in South Burlington, Vermont, approved a $34 million wastewater bond proposal on Tuesday, the largest of several similar local referendums approved statewide. The South Burlington wastewater bonds will fund overhauling and replacing pumps that serve the Bartlett Bay Wastewater Treatment Facility, which provides service to nearly all of South Burlington’s 20,282 residents. The facility,

Illinois expects another $575 million of general fund revenues in the current fiscal year as steady income and sales tax collections through February pushed worries over an economic slowdown and the impact of a potential recession further out on the horizon.   The legislature’s non-partisan Commission on Forecasting and Accountability raised its estimate for revenues

Municipals were little changed in secondary trading Wednesday amid an active primary market with two billion-dollar deals priced, although details on one were not immediately available. U.S. Treasury yields were weaker in spots and equities ended mixed. The three-year muni-UST ratio was at 59%, the five-year at 61%, the 10-year at 66% and the 30-year

New Mexico would authorize public-private partnerships on the state and local level under a bill unanimously approved by the state House Thursday and now headed to the Senate. The bill, House Bill 213, would allow P3s for transportation and broadband projects. “Those are two of the most pressing needs in the state,” said Rep. Cathrynn

Legislation seeking to end government contracts with companies engaged in “boycotting” an expanded list of industries and business policies passed the Utah House and Senate late Thursday. Senate Bill 97 builds on laws previously enacted in Texas and a few other states focusing on “boycotts” of the fossil fuel or firearm industries by adding timber,

New Jersey Gov. Phil Murphy unveiled his executive budget proposal for fiscal year 2024, a record $53.1 billion plan that takes into account the state’s expectation for a shallow and short recession by holding off on large new initiatives while boosting reserves and addressing long-term obligations. “This budget will better prepare New Jersey for any

Municipals were firmer in spots Friday, with pressure easing for short-end munis, ahead of a robust new-issue calendar where issuance tops $10 billion. U.S. Treasuries rallied out long, and equities ended up. Triple-A benchmark yields were bumped three to 12 basis points, depending on the scale, at one-year, while UST yields fell four to 13,

S&P Global Ratings on Friday revised the outlook on Reedy Creek Improvement District, Florida’s general obligation bonds to stable from developing. S&P also affirmed the AA-minus long-term rating on the district’s outstanding GOs, saying the rating reflects the strong tax base, very strong collection rates and consistent financial performance. “The outlook revision reflects recent state

Illinois’ budget and pension stabilization funds would receive automatic deposits when the state hits revenue growth and bill payment triggers under legislation that cleared a House committee this week. With a series of infusions over the last two fiscal years, the state’s once-depleted rainy-day fund remains on track to hit $1.9 billion by the end

Municipals were weaker Thursday as outflows from muni mutual funds continued. U.S. Treasury yields rose, with all maturities now yielding above 4%, and equities ended mixed. Treasury yields rose as initial jobless claims came in below 200,000 for the seventh straight week and unit labor costs for the fourth quarter were revised up to 3.2%

Chicago voters will choose between Paul Vallas, a former city budget director and Chicago Public Schools chief, and Cook County Board Commissioner Brandon Johnson to replace Mayor Lori Lightfoot who lost her bid for a second term as the city’s upward fiscal momentum took a backseat to worries over crime. Vallas won 33.9% of the

Municipals were little changed to kick off the month, while U.S. Treasuries were weaker and equities ended mixed. The three-year muni-UST ratio was at 60%, the five-year at 62%, the 10-year at 65% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the three at 64%, the